A criticism that I often hear of ICANN is that it is a toothless body with no real ability to regulate the domain name system.
A couple of recent episodes seem to indicate that ICANN actually takes enforcing rules very seriously.
There's this letter from ICANN General John Jeffrey to .JOBS registry Employ Media. The language of the letter is totally unambiguous. ICANN feels that Employ Media has usurped the responsibility that it was given to build a TLD that would "serve the needs of the international human resource management community" in a way that instead appears to "exclusively serve the financial interests of Employ Media".